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Ichimoku Kinko Hyo
AUD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
XAG/USD: Silver continuous to stand above 50% retracement area. Bullish pressure is growing during the last hours and it seems that bulls have decided to send price higher.
EU Market View
European stock markets are seen opening lower Thursday ahead of the publication of the ECB’s strategy review, handing back some of the previous session’s gains after a weak lead from Asia. Stock markets in Asia were mostly lower Thursday, weighed by an extended selloff in tech shares over worries of a Chinese regulatory clampdown as well as rising Covid-19 virus cases.Back in Europe, the ECB is set to announce the outcome of a 18-month strategy review at 1100 GMT, followed by a news conference hosted by President Christine Lagarde at 1230 GMT. The central bank is expected to raise its inflation goal to 2%, a more explicit target than the previously used phrase, “below, but close to, 2% over the medium term”, as well as describing the target as symmetric. The data slate in Europe includes German trade numbers, but the weekly U.S. unemployment figures will probably be the economic highlight. Initial job claims are seen falling to 350,000 last week, from 364,000 the previous week.
Elsewhere, oil prices edged lower, falling for the third consecutive session, amid continued uncertainty over future OPEC+ production levels after a dispute halted talks earlier this week. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, had been expected to boost production to balance the market given growing demand before a spat between senior members Saudi Arabia and the United Arab Emirates.
The dollar maintained a strong tone in early European trade Thursday after the minutes from the last Federal Reserve meeting indicated that the world’s most influential central bank is moving towards tightening monetary policy.
Traders had been waiting for the release of the FOMC from the Fed’s June meeting as this was the gettogether at which the central bank hinted at two rate hikes in 2023, and signaled a greater likelihood of a first raise coming as early as 2022.
EU Key Point
- European equities start the day on a softer note.
- USD/JPY looks towards 110.00 on lower yields, risk retreat.
- Germany May trade balance €12.6 billion vs €15.4 billion expected.
- Switzerland June unemployment rate 2.8% vs 3.1% prior.
- Japan June economy watchers survey current situation 47.6 vs 38.1 prior.
- USD/CAD eyes further upside break above 1.2500
- AUD/USD falls to fresh lows for the year as risk aversion kicks in.
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus